Russian oil production fell close to a three-year low in early July, as output was undermined by a row between Russian oil pipeline monopoly Transneft and the country’s biggest producer Rosneft. Transneft curbed oil intake from Yuganskneftegaz, Rosneft’s main upstream unit, the oil producer said, hurting production that has already been depressed by an oil contamination crisis. Rosneft confirmed intake limits first reported by Reuters. Transneft also confirmed to local media it had capped [Read more]
Oil steadies as demand concern counters Middle East tensions
Oil prices steadied on Monday as tensions over Iran’s nuclear program were tempered by global economic growth concerns and consequently oil demand. U.S. West Texas Intermediate (WTI) was down 2 cent at $57.49. Brent crude futures were down 1 cent by 1122 GMT at $64.22 a barrel. Iran on Monday threatened to restart deactivated centrifuges and step up its enrichment of uranium to 20% in a move that further threatens the 2015 nuclear agreement that Washington abandoned last [Read more]
Heavy and synthetic differentials steady
Canada's heavy and synthetic crude differentials were little changed on Monday: * Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, settled at $12.05 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Friday, WCS for August delivery settled at $12.10 a barrel below WTI crude futures. * Differentials were steady, with many industry players attending events at the Calgary Stampede, a 10-day rodeo in Canada's [Read more]
Oil prices rise on Iran tensions, OPEC output cuts
Oil futures rose on Friday as tensions over Iran and an extension to output cuts by OPEC and its allies boosted prices, but mixed economic data limited the rally. Brent crude futures settled at $64.23 a barrel, up 93 cents, or 1.47%. U.S. West Texas Intermediate (WTI) settled at $57.51 a barrel, up 17 cents. The U.S. market was closed on Thursday for a national holiday. Both benchmarks were down for the week as concerns about a slowing global economy outweighed risks to supply. Brent [Read more]
OPEC output hits new low on Trump’s sanctions, supply pact
OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela due to U.S. sanctions and other outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014, the survey showed. The Reuters survey suggests that even though [Read more]
Heavy and synthetic oil differentials strengthen
Canada's heavy crude differential to U.S. futures narrowed slightly on Thursday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $12.60 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Wednesday, WCS for August delivery settled at $12.95 a barrel below WTI crude futures.* The government of Alberta, Canada's main crude-producing province, has capped oil production for August at 3.74 million [Read more]
Oil prices dip on signs of slowing U.S. demand, economic concerns
Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles along with worries about the global economy. U.S. West Texas Intermediate (WTI) crude futures were down 23 cents or 0.40% at $57.11 per barrel. WTI closed up 1.9% on Wednesday. Markets appeared largely unmoved by the detention in Gibraltar by British Royal Marines of a supertanker possibly carrying Iranian crude oil bound for Syria, as tensions between Iran and the United [Read more]
Heavy oil differential tightens as inventories dip
Canada's heavy crude differential to U.S. futures narrowed on Wednesday:* Western Canada Select (WCS) heavy blend crude for August delivery in Hardisty, Alberta, last traded at $12.95 per barrel below West Texas Intermediate (WTI) oil, according to Net Energy Exchange. On Tuesday, WCS for August delivery settled at $13.40 a barrel below WTI crude futures.* Falling western Canadian inventories helped lift prices, one industry source said. Crude stocks are declining after hitting record highs [Read more]
U.S. oil drillers cut rigs for first week in three -Baker Hughes
U.S. energy firms this week reduced the number of oil rigs operating for the first time in three weeks as drillers follow through on plans to cut spending this year.Drillers cut five oil rigs in the week to July 3, bringing the total count down to 788, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Wednesday. That compares with 863 rigs operating during the same week a year ago.The rig count, an early indicator of future output, declined [Read more]
Oil prices rise after U.S. crude stockpile drop
Oil prices rebounded slightly on Wednesday after a steep fall in the previous session as OPEC and its allies’ decision to extend output cuts was not enough to counter investors’ concerns about the slowing global economy. Prices were supported by widely-watched data showing a larger-than-expected drawdown in U.S. crude oil inventories, with government data due later in the day. U.S. crude futures for August were up 47 cents at $56.72 a barrel. Both benchmarks fell more than 4% on Tuesday as [Read more]